Last Chance to Nominate!

3 Quarks Daily Advertising

Please Subscribe to 3QD

If you would like to make a one time donation in any amount, please do so by clicking the "Pay Now" button below. You may use any credit or debit card and do NOT need to join Paypal.

The editors of 3QD put in hundreds of hours of effort each month into finding the daily links and poem, putting out the Monday Magazine, administering the Quark Prizes, arranging the DAG-3QD Peace and Justice Symposia, and doing the massive amount of behind-the-scenes work which goes into running the site.

If you value what we do, please help us to pay our editors very modest salaries for their time and cover our other costs by subscribing above.

We are extremely grateful for the generous support of our loyal readers. Thank you!

3QD on Facebook

3QD on Twitter

3QD by RSS Feed

3QD by Daily Email

Recent Comments

Miscellany

Design and Photo Credits

The original site was designed by Mikko Hyppönen and deployed by Henrik Rydberg. It was later upgraded extensively by Dan Balis. The current layout was designed by S. Abbas Raza, building upon the earlier look, and coded by Dumky de Wilde.

Saturday, February 23, 2013

Gangster Bankers: Too Big to Jail

Matt Taibbi in Rolling Stone:

The deal was announced quietly, just before the holidays, almost like the government was hoping people were too busy hanging stockings by the fireplace to notice. Flooring politicians, lawyers and investigators all over the world, the U.S. Justice Department granted a total walk to executives of the British-based bank HSBC for the largest drug-and-terrorism money-laundering case ever. Yes, they issued a fine – $1.9 billion, or about five weeks' profit – but they didn't extract so much as one dollar or one day in jail from any individual, despite a decade of stupefying abuses.

People may have outrage fatigue about Wall Street, and more stories about billionaire greedheads getting away with more stealing often cease to amaze. But the HSBC case went miles beyond the usual paper-pushing, keypad-punching­ sort-of crime, committed by geeks in ties, normally associated­ with Wall Street. In this case, the bank literally got away with murder – well, aiding and abetting it, anyway.

For at least half a decade, the storied British colonial banking power helped to wash hundreds of millions of dollars for drug mobs, including Mexico's Sinaloa drug cartel, suspected in tens of thousands of murders just in the past 10 years – people so totally evil, jokes former New York Attorney General Eliot Spitzer, that "they make the guys on Wall Street look good." The bank also moved money for organizations linked to Al Qaeda and Hezbollah, and for Russian gangsters; helped countries like Iran, the Sudan and North Korea evade sanctions; and, in between helping murderers and terrorists and rogue states, aided countless common tax cheats in hiding their cash.